BTCUSDT: Binance May Return to India with $2M Fine: Report
The Binance is looking for Paying $ 2 million Penalty to Indian Government and will registered as Financial intelligence unit in India. Binance is looking for proper Finance applicable laws and PMLA scheme control to run business in India without money laundering activities in India.It is welcome one for Indians to invest in Crypto assets with proper RBI Guidelines and safe money for investors side.
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Binance, the cryptocurrency exchange, which was previously banned from operating in India, is reportedly seeking to re-establish its presence in the country by agreeing to pay a $2 million fine, as per a report by the Economic Times published on Thursday.
Earlier this year, Binance, along with several other exchanges, faced removal from the Apple Store in India following compliance show cause notices issued by India’s Financial Intelligence Unit (FIU). Among the exchanges receiving notices were OKX, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
According to sources cited in the ET report, after settling the fine, Binance intends to resume its operations in India as a registered entity with the FIU.
The report highlights a sense of disappointment over the prolonged negotiation process, suggesting that it took Binance over two years to realize that no special treatment would be granted, especially when it comes to safeguarding the integrity of the country’s financial system.
Neither Binance nor the FIU has responded to requests for comment from CoinDesk at the time of the report.
BTCUSDT: Binance to Return to India with $2M Fine: Report
The Binance is looking for Paying $ 2 million Penalty to Indian Government and will registered as Financial intelligence unit in India. Binance is looking for proper Finance applicable laws and PMLA scheme control to run business in India without money laundering activities in India.It is welcome one for Indians to invest in Crypto assets with proper RBI Guidelines and safe money for investors side.
BTCUSDT is moving in box pattern and market has reached support area of the pattern
Binance, the world’s largest cryptocurrency exchange, previously barred from operating in India, is poised to make a comeback after settling a penalty amounting to approximately $2 million, as per a report by The Economic Times.
The report indicates that Binance will re-establish itself as an entity registered with the Financial Intelligence Unit (FIU) under the finance ministry. The FIU oversees the regulation of trade in virtual digital assets (VDA).
In its return, Binance commits to full compliance with all relevant laws, including the Prevention of Money Laundering Act (PMLA) and the VDA taxation framework.
Binance holds the title of the world’s largest crypto exchange, both in terms of asset holdings and daily trade volume. According to CoinMarketCap data, it recorded a trading volume of $22 billion in the preceding 24 hours, constituting 25% of the global volume.
In January, Binance was among nine offshore cryptocurrency platforms banned from operating in India via web addresses and mobile applications due to non-compliance with FIU and PMLA guidelines.
Before the ban, Binance accounted for nearly 90% of the estimated $4 billion crypto holdings of Indian nationals. Its market dominance was largely attributed to its non-compliance with tax laws, enabling investors to trade without paying the 1% tax deducted at source (TDS) applicable on registered exchanges.
Following Binance’s ban, a considerable portion of Indian crypto investors transferred their holdings to Indian exchanges like CoinDCX and WazirX.
Industry executives highlighted Binance’s reluctance to subject its trades to scrutiny, fearing potential loss of substantial investments.
Binance will be the second offshore exchange to register in India after Seychelles-based Kucoin announced FIU compliance last month, resulting in the lifting of the ban on its website.
Market leaders anticipate Binance’s return could reshape market dynamics due to its superior technology and larger liquidity compared to Indian exchanges. Its re-entry aligns with a period of soaring values for popular currencies such as bitcoin and ethereum.
Binance aims to introduce localized payment solutions, establish a dedicated India team, and increase investments in the country’s blockchain infrastructure.
BTCUSDT: Binance Eyes India Return with $2M Penalty: Report
The Binance is looking for Paying $ 2 million Penalty to Indian Government and will registered as Financial intelligence unit in India. Binance is looking for proper Finance applicable laws and PMLA scheme control to run business in India without money laundering activities in India.It is welcome one for Indians to invest in Crypto assets with proper RBI Guidelines and safe money for investors side.
BTCUSDT is moving in Ascending channel and market has reached higher high area of the channel
Binance, the world’s largest cryptocurrency exchange, is making moves to re-enter the Indian market after facing a ban imposed by the local government in January. According to a report from India’s Economic Times, Binance intends to return as a registered entity, fully compliant with local anti-money laundering laws and tax regulations.
The report indicates that Binance plans to pay a $2 million penalty as part of its efforts to resume operations in India. Sources familiar with the matter revealed that the exchange aims to restructure its South Asian entity to achieve full registration with India’s Financial Intelligence Unit (FIU). The FIU is responsible for overseeing the trade of digital assets within the country and ensuring compliance with regulatory requirements.
In light of the ban imposed in January, which led to the blocking of nine cryptocurrency websites by the Indian government due to non-compliance with local regulations, Binance is taking steps to align itself with regulatory expectations. The removal of cryptocurrency exchange apps from Apple and Google stores in the region followed the government’s action.
Prior to the ban, Binance held a significant market share in India, accounting for approximately 90% of the crypto holdings of Indian investors, estimated at $4 billion, as reported by the Economic Times. Its dominance was attributed to its previous non-compliance with local tax laws, allowing users to trade cryptocurrencies without paying the 1% tax deducted at source.
Despite the reported plans for its return, both Binance and the FIU have yet to respond to requests from The Block for confirmation and clarification regarding the details of Binance’s re-entry into the Indian market.
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